Why Buffett sold Exxon

It took less than two years for Berkshire Hathaway, Warren Buffett’s storied investment vehicle, to buy and sell a big stake in ExxonMobil. For an investor famous for holding investments for ‘forever’, this is a significant move and vote of no confidence in the world’s largest listed oil producer.Buffett himself is at pains to point out he sold his US$4bn stake to fund other investments and that Exxon remains – in his words – ‘a wonderful company’. Let’s leave aside the fact that Berkshire has plenty of cash and didn’t need to sell its stake to raise more. What spooked...

It took less than two years for Berkshire Hathaway, Warren Buffett’s storied investment vehicle, to buy and sell a big stake in ExxonMobil. For an investor famous for holding investments for ‘forever’, this is a significant move and vote of no confidence in the world’s largest listed oil producer.

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